Changes to the NYSE’s Material New's Policy

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On August 27, 2015, the New York Stock Exchange (NYSE) filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to amend Section 202.06 of the NYSE Listed Company Manual to expand the time periods during which listed companies are required to notify the NYSE prior to announcing material news, to expand the circumstances under which trading can be halted, and to provide guidance related to the release of material news after the close of trading and the methods of releasing material news. The amendments will become operative on September 28, 2015.1

Changes to NYSE Notification Requirements -

Companies listed on the NYSE are currently required to notify the exchange at least 10 minutes in advance of a material news release that will occur shortly before the opening of trading on the NYSE or during NYSE market hours.

With the amended rule, the NYSE will advance the time for notification and compliance with the material news policy to 7:00 a.m. (all times are Eastern time) to incorporate material news releases issued between 7:00 a.m. and 9:30 a.m. Although trading on the exchange does not begin until 9:30 a.m., the NYSE stated that it believes that material news released between 7:00 a.m. and 9:30 a.m. has the potential to cause volatility in both price and volume during pre-market trading.

Please see full Advisory below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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